Tata Steel’s Q4 and FY2025 Results Highlight Regional Divide, Easing Met Coal Costs

Tata Steel's Q4 FY2025 results reveal a sharp regional split in profitability and shifting market dynamics. India remained the core profit engine with EBITDA at $153/ton, while the UK suffered a loss of –$167/ton, and the Netherlands mildly recovered to $8.5/ton. Group consolidated EBITDA per ton was $94, down 11% YoY.

Crude steel production for FY2025 totaled 30.92 million tons, up from 29.94 Mt in FY2024. India contributed the majority at ~21.7 Mt, up 4% YoY. Netherlands produced 6.75 Mt (up YoY), while UK volumes dropped significantly due to the blast furnace shutdown, recording 2.47 Mt, down from 3.46 Mt in FY2024.

A key margin tailwind was the decline in coking coal costs, particularly in India and the Netherlands. While Indian steel demand and capacity expansion support a bullish outlook, Europe remains weak, and the UK’s shift to EAF signals declining future met coal demand.